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Page 2 <br />Special Council <br />February ~5, 1979 <br /> <br />Mr. W]lliam E. Waldusky, Public Finance Department of Piper, Jaffray & <br />Hopwood, Inc. was present to discuss with the Council a proposal for an <br />application on industrial financing in the sale of bonds for residential <br />construction in the City of Ramsey. <br /> <br />Dick Carson of Carson Homes and Joe Sentryz of Oakridge Construction are <br />requesting approval to apply for a $5 - $6 million bond at 8~% long term <br />construction mortgage rate with the First National Bank of Minneapolis. <br /> <br />t~e stated this is in accordance with No. 474 Tax Industrial Revenue Act and <br />would only apply on residential construction to qualified homebuyers and more <br />specifically the proposed Flintwood Hills #2 and the proposed Tierra Estates. <br />It was stated the Council's approval of such a resolution would be very bene- <br />ficial as an investment to the City and help potential citizens wanting to <br />build ~n Ramsey. <br /> <br />Mr. David Williams a gemeral contractor who builds in Ramsey stated he knows <br />of the program and feels it is a good one and excellent for Ramsey but wanted <br />to know if the same program could be available to other builders. <br /> <br />I~m. Dick Carson stated this was one program and that five or six other builders <br />could be requesting the same thing. As for now Carson Homes and Oakridge Con- <br />struct~on are asking for it now. <br /> <br />Mr. Joe Sentryz stated this was an entirely new program for them and assured <br />'the Co~mcil it was not government subsidized housing. He also stated they <br />are members of the Minneapolis Home Builders and have a ten year warranty on <br />all their houses. <br /> <br />Mr. Wald,sky presented to the Council a letter explaining the financing and <br />a copy of a proposed resolution for their reviewal. (A copy of each is on file <br />at City Hail.) <br /> <br />Mayor Gamec thanked Mr. Waldusky for coming to the meeting and for his presen- <br />tation and also Dick Carson and Joe Sentryz for coming. Mayor Gamec also <br />stated the copy of the resolution would be sent to the City Attorney for his <br />revJewal and the proposed mortgage revenue bonds would be placed on the next <br />Council agenda, February 26, 1979. <br /> <br />Motion by Councilman Mickelson and seconded by Councilman Reimann to adjourn <br />the meeting. <br /> <br />Motion carried. Voting yes Mayor Gamec, Councilmen Reimann and Mickelson. <br /> <br /> Meeting adjourned at 9:36 P.M. <br /> <br />d f~. SChne!le <br /> <br /> <br />